Geopolitical risks are a growing concern for boards: Airmic
Six out of ten risk managers believe that geopolitical tensions will become harder to manage for businesses in the next three years.
The survey, published by the Association of Insurance and Risk Managers, found less than a half of respondents are confident in their organisation’s ability to respond effectively to a geopolitically driven event, with less than 10% of those surveyed saying they are ‘not confident’.
According to Alastair Swift, head of corporate risk and broking, GB, Willis Towers Watson, risk managers need to take a “multidisciplinary, integrated approach” if they are to manage these risks effectively.
Swift said: “With geopolitical uncertainty dominating news headlines, now is the time for risk managers to take the lead. Our research makes clear that they will need to work across, as well as up and down, their organisation.”
This five-part analysis is based on the responses of Airmic’s 2019 member survey, which surveyed 157 members and forms part of its 2019 research project: Risk Management: Vision 2020.
The reports, produced by Airmic in collaboration with Control Risks, Willis Towers Watson, AIG, QBE and KPMG, call for risk managers, senior management and the insurance market to take action to ensure their organisations have the necessary skills, structures and agility to keep pace.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Risk Management
How insurers are assisting with the energy transition
How insurers are enabling a “less volatile” transition away from fossil fuels is the focus of the second of two special Insurance Post Podcasts, to coincide with the 2024 United Nations Climate Change Conference, more commonly known as COP29.
2024 European Insurance Technology Awards winners revealed
Today, Insurance Post is delighted to announce the winners of 2024 European Insurance Technology Awards.
Q&A: Mike Brockman, ThingCo
ThingCo founder and CEO Mike Brockman sits down with Insurance Post to talk about why the business has recently been in 'stealth mode,' how he hopes telematics can appeal to a wider audience, and potentially new markets he hopes to expand into.
Blog: Vacant properties – don’t let the risks move in
With empty homes up 10% in five years and the proportion of high street retail premises left vacant hitting a one in seven all-time high, RiskSTOP’s David Reynolds reminds us of the key steps in managing unoccupied buildings.
Ferma vice-president reports lack of ‘concrete action’ to aid net zero transition
Two years on from the Federation of European Risk Management Associations calling out insurers for not doing enough to support clients transitioning to net zero, the body’s vice president has said there has been a lack of concrete improvement.
Over half of risk managers think key risks are set to become uninsurable
More than half of risks managers believe that some of the key business activities and locations are set to become uninsurable, a survey by the Federation of European Risk Management Associations has found.
Verisk London 2024: Catastrophe modelling
In the second in a series of videos recorded at the Verisk Insurance Conference in London, Insurance Post content director Jonathan Swift met with industry experts to examine how the sector can get a better view of catastrophe risk.
Why insurers should rethink their approach to tree removal
Freya Chapman, residential lead at ground engineering specialist Mainmark, explains how insurers can triage tree-related subsidence in a low impact way.